Intermediate Financial Accounting and Reporting I Syllabus
Professor: Elizabeth Almer, PhD, CPA email: firstname.lastname@example.org
Phone: 503-725-3729 Fax: 503-725-5850
Office: SBA534 Office hours: MW 1:00-2:00 and by appointment
Course website: http://www.pdx.edu/sba/fp-elizabeth-d-almer
Class Times and Locations:
MW 10:15-12:05 EB103 Final: Wednesday, March 17, 2010, 10:15 – 12:05 in EB103
MW 2:15-4:05 in SBA130 Final: Wednesday, March 17, 2010, 12:30 – 2:20 in SBA130
1. Intermediate Accounting, 13th edition by Kieso, Weygandt, and Warfield, Wiley, 2009
2. Incorporating International Financial Reporting Standards (IFRS) into Intermediate Accounting,
available on my faculty homepage http://www.pdx.edu/sba/fp-elizabeth-d-almer
3. Class notes, additional class materials and textbook homework solutions are available through my
faculty homepage http://www.pdx.edu/sba/fp-elizabeth-d-almer
4. Self-tests (multiple choice) available at http://bcs.wiley.com/he-
Course Catalog Description:
Comprehensive study of the principles, conventions and postulates of financial accounting. Appropriate
preparation of GAAP financial statements and financial disclosures, including exposure to the judgment
inherent in financial reporting. Considers information requirements and expectations of users of financial
statements. International financial accounting standards will be considered where appropriate. Specific focus
on the responsibility of accountants for maintaining professional accountability to the public interest in the face
of institutional pressures. BA 213 is a prerequisite for this course.
1. To understand how professional accountants have a responsibility to maintain the public interest.
2. To understand how real events that take place as a firm conducts business are reflected in the balance sheet,
income statement, and the statement of cashflows.
3. To understand how the balance sheet, income statement, and statement of cash flows are interrelated.
4. To understand the economic substance of the real events that take place as a firm conducts business, the
generally accepted accounting principles (GAAP) that need to be applied, and the Conceptual Framework
5. To learn the criteria for the valuation, measurement, and disclosure of revenues and assets in accordance
6. To acquire an understanding of not only “how” accounting procedures are applied but the underlying
reasons “why” these practices are adopted.
Class sessions will be a combination of lecture, discussions, and problem-solving. I will assign homework for
each chapter. Generally I will not collect it, but a word of caution is in order here. Successful accounting
students will tell you that the only way to learn accounting at this level is to practice, practice, practice, and to
understand what you are doing rather than going through the motions. I will expect that you have completed the
assigned readings AND the assigned problems for that day prior to the class lecture. More complex assigned
Exercises and Problems are assigned to be completed after the topic is covered in class. I will approach
homework in class by asking if there are any questions on the assigned problems. Often I will ask you to
explain how you solved them so we all can learn from what you did.
Grades will be based on an accumulation of total points allocated as follows:
Introductory Quiz (Take-home) 20 6%
Quizzes (20 points each, drop lowest) 60 16%
Reading Discussion Questions 20 6%
Projects 50 14%
Midterm 100 29%
Final Exam 100 29%
Total 350 100%
Generally course grades are determined as follows:
A 93-100% B+ 88-89.9% B+ 78-79.9% D 60-69.9%
A- 90-92.9% B 83-87.9% B 73-77.9% F 0-59.9%
B- 80-82.9% B- 70-72.9%
The overall trend of your course performance as well as participation in class discussions will be used to resolve
borderline grades. There will not be any extra credit. If you drop the course or change your grading option,
please review the PSU academic calendar for the relevant deadlines at:
Introductory Mechanics Quiz:
The introductory take home quiz will cover the material from Fundamentals of Financial Accounting and
Accounting Mechanics. Students should examine Chapter 3 as a review. The introductory quiz is to be
completed on an individual basis. Students receiving less than 70% on this quiz are STRONGLY encouraged to
drop ACTG381 and instead take ACTG199 this term. ACTG 199 begins the third week of the term.
You will have 4 chapter quizzes throughout the quarter. Quizzes will be either take-home or in-class depending
upon time available and level of preparation of the class as a whole. Each quiz is worth 20 points. Your lowest
quiz score will be dropped, so your final quiz score is the sum of your best 3 quiz scores and constitutes 16% of
your final grade. If you miss a quiz you will receive a zero on that quiz. No make up quizzes will be given.
Reading Discussion Questions:
Throughout the term there are reading assignments in addition to the textbook. Discussion questions for the
readings will be posted on the course web site. Answers to the discussion questions will be due at the beginning
of the class on the date specified due. Answers will be graded as follows: + for complete answers, √ for
answers turned in but somewhat incomplete, - for no assignment turned in. At the end of the term, the total
points received out of 10 is determined judgmentally based upon the number of +, √ and – received. Note that
If you will not be in class the day a reading assignment is due, it is your responsibility to email your assignment
to me prior to the start of class. No make up assignments will be given.
Readings can be accessed from the URL link in the syllabus, or if none is given, from the library’s e-reserves.
To access e-reserves:
1. Go to the library web site: http://library.pdx.edu/
2. Click on Find Course Reserves .
3. Search by course number (381) or by Almer. Then click SEARCH.
4. Select the course you want; then view.
5. Select a folder.
6. Enter the password “almer” all in lowercase .
7. Close the window.
8. Select a reading folder I or II.
9. Select the document you want.
FASB Codification Access:
Homework problems designated with the “CE” prefix require accessing the FASB Codification. You may
access the FASB Codification database through the American Accounting Association by logging in at
http://aaahq.org/ascLogin.cfm using the following:
User ID: AAA51686
You will be assigned 2 class projects. The first project will involve the Starbucks 2009 10-K report and an
application of relevant information covered in this course to the 10-K. Each student will turn in their own project.
The second project is designed to give you the opportunity to work in groups without guidance from the instructor,
and to communicate your knowledge and beliefs about accounting issues in written form. Groups are self-selected
and may have no more than 4 members. This group will turn in one project, but each group member is responsible
for having completed the project readings and understanding the answer their group is turning in. All projects
should be typed, well reasoned, and grammatically correct. On the first page of project, include the names of all
group members. Projects turned in later than the scheduled date will receive a maximum of 60% credit, regardless
of the reason.
Teamwork is an important aspect of professionalism. You will evaluate your team members based on your work
experience with them. For each case, you are to evaluate each member of your group (excluding yourself) by
assigning each group member a score from 1 – 10, with 1 being the lowest score and 10 being the highest score.
Your own peer evaluation score is the average of the scores given to you by your peers and is a maximum of 5
points. Any students who for whatever reason turn in an assignment alone (i.e., no group members), will receive 0
of 5 peer evaluation points.
There is one midterm and a final. Exams will be a combination of multiple choice, problems, and short essays
questions. Problems will resemble the problems that were assigned for homework, and any essays will mirror
discussions we had in class. All exams are closed-book. You may however bring one 4 x 6 index card with
handwritten notes on both sides that may be used during the exam. This index card must be turned in with your
exam. The final exam will not be cumulative. No alternate exam times or due dates will be available. No
make up exams will be given. If the midterm exam is missed, more weight will be placed on the final exam.
The attached course schedule shows the materials to be covered in each class meeting. Students are expected to
prepare for class by reading assignments indicated and working the problems before coming to class. Since
classes will not be “straight lecture,” but will include your active participation in discussions and in-class
activities, your preparation is critical to success in this course.
The Student Conduct Code (SCC), which applies to all students, prohibits all forms of academic cheating,
fraud, and dishonesty. These acts include, but are not limited to: plagiarism, buying and selling of course
assignments and research papers, performing academic assignments (including examinations) for other persons,
unauthorized disclosure and receipt of academic information and other practices commonly understood to be
academically dishonorable. The code of conduct also describes standards of behavior for all student members
of the campus community. Violation of the SCC may lead to disciplinary action. Students may obtain copies
of the SCC by contacting the campus judicial officer at 503-725-4422, or by visiting the office in Room 433,
Smith Memorial Student Union.
On occasion you may disagree with the scoring of your work, and sometimes mistakes are made. But
remember that fairness is created above all by consistency; if the grader is equally mean to all, then there is no
problem. Should there be a specific grading issue that you wish to have re-examined, use the following process:
1. You must request the re-grade within one week of the day on which the work was returned.
2. You must submit the re-grade request in writing; re-grading requests will not be processed “live.”
I encourage you to make full use of my office hours. Understand that office hours are not intended as make-up
lectures for those who fail to attend lecture but rather are intended to help you with any questions you have after
you have attended the lectures, reviewed the materials, and attempted the homework assignments. If my
scheduled office hours are not convenient, please email me to set up an alternative time to meet.
SBA Undergraduate Programs Office Services:
The SBA provides academic advisors as well as career and internship advisors to assist students in making the
most of their collegiate experience. Academic advisors are trained to provide counsel in a wide range of issues.
From selecting a business major to evaluating transferred transcripts, academic advisors are here to help
students with all of their degree related questions. The following is a brief summary of the type of issues with
which academic advisors can offer assistance:
DARS reports Course overrides
SBA admissions requirements Transfer credit petitions
Major selection and requirements Career planning
Transcript evaluation Portland State rules and policies
All SBA advisors are available by appointment, which must be scheduled in advance. Drop-in hours are
available as well. Drop-in hours are held regularly throughout the week and are designed to help answer routine
or simple questions. For more information about SBA advising and drop-in hours please visit the School of
Business website at www.sba.pdx.edu and click on student resources. For more information and a schedule of
upcoming events, visit SBA 230 or go to the web at www.sba.pdx.edu and click on “Career Services.”
Undergraduates may select “Undergrad Listserve” to sign up to receive emails on current internships and job
Tentative Class Schedule
Please note that adjustments to the schedule INCLUDING exam dates may need to occur.
KWW: Kieso, Weygandt and Warfield “Intermediate Accounting”
IFRS: Incorporating International Financial Reporting Standards (available on course web site)
Week Date Topic Readings Homework/Deliverable
1 M Introduction KWW Chapter 3 BE3-2, BE3-3, BE3-4, BE3-8,
1/4 Course Introduction BE3-10, BE3-11, BE3-13
W GAAP Structure KWW Chapter 1 E3-6, E3-7, E3-9, E3-17,
1/6 Sources of U.S GAAP IFRS pp. 3-7
Principles vs. rules CA1-3, CA1-15, CE1-2, CE1-3.
US/IFRS Convergence “Study Pursuant to Section 108(d) of the Note: Use the FASB
Sarbanes-Oxley Act of 2002 on…Principles- Codification Access instructions
Based Accounting System” in this syllabus, not your text.
edstand.htm Part I ONLY! Due: Introductory Mechanics
(this is available on the course web site too) Quiz
2 M GAAP Structure continued: KWW Chapter 2 BE2-2 thru BE2-11
1/11 The FASB’s conceptual IFRS pp. 8-9 CE2-1 thru CE2-3
framework E2-3, E2-5
IFRS conceptual framework Kapnick, (1974). “In the Public Interest,”
Accounting and Financial Reporting Due: DQ Kapnick & Wyatt
The role of Accounting in the
Public Interest. Wyatt, (2004). “Accounting Professionalism –
They Just don’t Get It!” Accounting Horizons
W Quiz 1: Ch. 1-3 and readings Read Framework for Ethical Decision Making Due: DQ Ethics Case
Ethical Frameworks ramework.html
Ethics Case “Reporting Inflated Numbers”
available on the course web site.
Week Date Topic Readings Homework/Deliverable
3 M MLK Holiday – No Class
W Comprehensive Income KWW Chapter 4 CE4-1, CE4-2, BE4-2 thru
1/20 CI and the Accounting Equation KWW Chapter 17 pages 866 -870 BE4-10, E4-3, E4-4, E4-5, E4-
I/S - usefulness, limitations and KWW Chapter 22 12
format IFRS pp. 10-16
Investments in equity securities BE17-5, BE17-6, E17-6, E17-7,
without significant influence E4-13
(AFS and Trading Securities)
Accounting Irregularities BE 22-4, 22-5, BE22-7 thru
BE22-10, E22-2, E22-8
4 M Comprehensive Income and Arthur Levitt, “The Numbers Game,” NYU P4-3, P4-4, P4-7
1/25 Earnings Management Center for Law and Business, September 28,
Common Earnings Management 1998. Due: DQ for Levitt and
The Statement of John J. Brennan (Chairman and CEO, The
Comprehensive Income, format Vanguard Group), “The Market Value of
and transparency Integrity, Dealing with Corporate Scandals
W Quiz #2: Ch. 4, 17, 22 KWW Chapter 5 BE5-2 thru BE5-16, E5-12, E5-
1/27 IFRS pp. 17-24 13, E5-14
Balance Sheet & Intro to Cash
Format of BS & SCF
Usefulness & limitations
How to read a SCF
Week Date Topic Readings Homework/Deliverable
5 M SCF Chapter 23 (pp. 1243-1270 only) BE23-1 thru BE23-9, E23-15,
2/1 Constructing a SCF – indirect E23-14, E5-15 thru E5-17, P5-7
W SCF continued
Sample 10-K “Guide to Public Company Auditing,” Center
Introduce public company for Audit Quality.
annual report project. http://www.iasplus.com/usa/aicpa/0905caq
Catch up before Midterm
6 M Midterm: Ch 1-5, 17, 22 and
2/8 assigned readings
W Revenue, Receivables & Cash KWW Chapter 7, Appendix 7A and 18 (pp BE7-1 thru BE7-5, BE7-9 thru
2/10 Basic revenue recognition 930-937 only) BE7-11, BE7-12, BE18-1, E7-
principles IFRS pp. 25-28 2, E7-24, E7-25
A/R bad debt reserve
Right of return
Presentation of receivables
Selected topics about Cash,
7 M President’s Day – No Class
W Revenue and Receivables KWW Chapter 6 (Note: review only for a E7-8, E7-9, P7-2, P7-4
2/17 Notes receivable refresher on present and future value) BE 7-6 thru BE7-8, BE7-13,
Securitizing receivables E7-20
Factoring trade receivables
8 M Quiz #3: Ch. 7, 7A KWW Appendix 7B BE7-17, E7-12 thru E7-19, P7-
2/22 Revenue and Receivables 9, P7-7, P7-11, E7-26, E7-27,
Impairment of receivables P7-15
Analysis of receivables
Week Date Topic Readings Homework/Deliverable
W Revenue and Receivables KWW Chapter 18, Appendix 18A Due: Project 1
2/24 Long-term contracts
Installment sales BE18-2 thru BE18-5, BE18-7
Franchise revenue thru BE18-12
9 M Revenue and Receivables D. Paul Regan, “Revenue Recognition: Now, E18-19 thru E18-21, P18-8,
3/1 Earnings management with Later or Never?” California CPA, September E18-4 thru E18-6, P18-1, P18-
revenue recognition 2003 3, P18-4, E18-15, E18-16,
W Inventory basics KWW Chapter 8 BE8-3 thru BE8-7, E8-1 thru
3/3 Inventoriable costs IFRS pp. 29-33 E8-3, E8-5, E8-20, P8-5, P8-6,
When goods become part of E8-21
Basic cost flow assumptions
10 M Quiz #4: Ch. 18, 18A, 8 BE8-8, BE8-9, E8-23, E8-24
3/8 Advanced inventory cost flow
Dollar Value LIFO Inventory
W Inventory valuation Chapter 9 E8-25, E8-26, P8-11
3/10 Lower of Cost or Market
Retail Inventory Method BE9-1 thru BE9-9, E9-1, E9-5,
Purchase Commitments P9-1, P9-3, E9-7, E9-8, E9-9,
Analysis of inventories E9-10, P9-4
Due: Project 2
W Final Exam: 10:15-12:05 for 10:15 section
3/17 12:30-2:20 for 2:15 section
Due Date: Wednesday January 6, 2010
1. Major: Undergraduates: ______________________
(undergraduate major: ___________________________) from __________________________
2. Briefly describe any work experience that might be relevant to this course.
3. Please list any extra-curricular activities in which you participate (i.e. work, athletics, volunteer groups).
4. How many hours per week do you dedicate to the above activities? __________
5. What are your career goals?
6. Please tell me anything else that you think I should know that may affect your performance in this class.